Vertrix Wealth Management LLC Makes New $3.29 Million Investment in Medtronic PLC $MDT

Key Points

• Vertrix Wealth Management initiated a new position in Medtronic during the first quarter, buying 37,938 shares valued at about $3.29 million.
• Medtronic recently beat quarterly earnings and revenue estimates, reporting EPS of $1.55 on revenue of $9.81 billion, while also lifting its quarterly dividend to $0.72 per share.
• Analysts remain broadly positive on MDT, with a consensus rating of Moderate Buy and an average price target of $99, though individual targets have varied.

Vertrix Wealth Management LLC bought a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 37,938 shares of the medical technology company's stock, valued at approximately $3,287,000.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. Norges Bank acquired a new stake in shares of Medtronic in the fourth quarter worth approximately $1,653,485,000. Capital Research Global Investors lifted its holdings in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Barclays PLC grew its holdings in shares of Medtronic by 104.6% during the third quarter. Barclays PLC now owns 6,831,203 shares of the medical technology company's stock worth $650,604,000 after buying an additional 3,492,192 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Medtronic by 78.3% during the third quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock worth $717,143,000 after buying an additional 3,307,211 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock valued at $970,456,000 after buying an additional 2,658,981 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MDT has been the topic of several research reports. Barclays raised their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 1st. Royal Bank Of Canada reiterated an "outperform" rating and issued a $118.00 price objective on shares of Medtronic in a report on Thursday, June 4th. TD Cowen reissued a "buy" rating and issued a $119.00 target price on shares of Medtronic in a research note on Thursday, June 4th. BTIG Research upgraded Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a report on Wednesday, June 3rd. Finally, Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, June 3rd. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $99.00.

Medtronic Trading Up 1.4%

Shares of MDT stock opened at $79.32 on Thursday. The company's 50-day moving average price is $79.02 and its 200-day moving average price is $89.23. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The stock has a market cap of $101.53 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 2.10 and a beta of 0.56. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same period last year, the business earned $1.62 earnings per share. Medtronic's revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is 77.21%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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